The Austrian School of Economics was born, as the name suggests, in Austria, in the late 1800s. It grew out of the so-called "...
Macroeconomics
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“The Gold Standard” is a phrase used to indicate a monetary system in which the currency is either gold or backed by one hundred percent gold reserves. Under this system money contains an intrinsic value. ...
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While attempts at central banking in the United States go back as far as the 18th and 19th century with the creation of First and Second Banks of the United States, the Federal Reserve System was not established until...
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Keynesianism, or Keynesian economics, is a macroeconomic theory that focuses on total spending in the economy and its effects on output and inflation. It was established by British economist John Maynard Keynes in his...
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U.S. taxes are admittedly very complex. There are federal, state, and municipal taxes. There are income, corporate, sales, and property taxes. There are numerous deductions for different individuals and entities, and similar investments are often...
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Free market capitalism can be defined as "a system wherein individuals are free to pursue their own interests,...
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Although inflation has been the norm during the latter half of the 20th century, there were long periods in U.S. history during which prices actually fell - a phenomenon called deflation. In 1836, the money supply...
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Are business and entrepreneurship fundamentally a positive force in society? This question has been debated for nearly as long as commercial activity has existed.
Throughout history, business has played a crucial part in the growth...
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In the 1940s, an ice cream cone cost a couple of cents. Today, it will cost several dollars. This increase in the overall level of prices is a result not of a shortage of ice cream, but because of inflation. Overall...